【券商聚焦】国元国际维持福耀玻璃(03606)“买入”评级 指其去年业绩稳健增长

[Broker Focus] Guoyuan International maintains Fuyao Glass (03606) “buy” rating, indicating steady growth in its performance last year

金吾財訊 ·  Mar 20 22:54

Jinwu Financial News | According to Guoyuan International Development Research, Fuyao Glass (03606) achieved consolidated revenue of RMB 3,316,400 in 2023, an increase of 18.02% over the same period of the previous year; realized total profit of RMB 671,600, an increase of 20.38% over the same period of the previous year; realized net profit attributable to shareholders of listed companies of RMB 562,900, an increase of 18.37% over the same period last year; achieved earnings per share of RMB 2.16, an increase of 18.68% over the same period last year. After deducting exchange gains and losses and the impact of long-term asset impairment preparations calculated by the subsidiary FYSAM Auto Parts Co., Ltd., the company's total profit in 2023 increased 39.98% over the same period last year.

According to the bank, the company continues to strengthen technological innovation and promote product upgrading. The proportion of high-value-added products such as smart panoramic canopy glass, dimmable glass, head-up display glass, ultra-insulating glass, lightweight ultra-thin glass, coated heatable glass, and tempered laminated glass continued to increase, accounting for an increase of 9.54 percentage points compared to the same period in 2022. In 2023, the company's automotive glass business increased sales by 10.24%, revenue increased by 16.79%, ASP increased by 5.94% to 2.12 yuan/square meter, and gross margin also increased by 0.94 percent to 30.59%.

The bank predicts that the company's revenue from 2024 to 2026 will be RMB 381.68 (+15.1%), 447.71 (+17.3%), and RMB 530.54 (+18.5%), respectively, and net profit of RMB 62.1 (+10.3%), 73.78 (+18.8%), and 88.33 (+19.7%) billion yuan. The 3-year average net profit growth rate was 16.3%. The bank believes that it is reasonable to value the company by 16 times PE in 2025. The corresponding target share price is HK$49.2 per share, and the stock is expected to increase by 25.7%, maintaining a “buy” rating.

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